23-38.10:7 - Additional student loan funds
§ 23-38.10:7. Additional student loan funds.
A. Whenever the student loan fund at an institution is inadequate to carryout fully the purpose for which the fund was established, the governing boardand president of such institution, with the written consent and approval ofthe Governor first obtained, are authorized, for the purpose of providing anadditional student loan fund, to borrow from such sources and on such termsas may be approved by the Governor an amount not to exceed $25,000, and toprovide for such extensions or renewals of such loans as may be necessary.Such additional student loan fund shall be used only in making loans tostudents as provided in this chapter and for no other purpose whatsoever.
B. The repayments and interest accretions to the additional student loan fundshall be used insofar as may be necessary to repay the indebtedness of theinstitution created by the governing board and president in establishing theadditional student loan fund.
C. Such additional amounts may be borrowed as may be deemed necessary by thegoverning board and president of the institution, with the Governor'sapproval, but in no event may the amount of the additional student loan fund,including cash, notes receivable and all amounts heretofore borrowed and notrepaid exceed $50,000.
D. Accounts shall be kept and reports rendered for each such additionalstudent loan fund in all respects as required by this chapter for studentloan fund created by appropriations from the general fund of the statetreasury, and the Auditor of Public Accounts shall biennially exhibit in hisreport the amount of the additional student loan fund at each institution.
(1978, c. 745.)